Fuel Prices Begin Slowly Rising During the Holidays

WASHINGTON – The latest update on gasoline prices from AAA shows they stayed relatively steady, at $3.25 per gallon, which is the same as the week of Dec. 17 but is 18 cents less than one month ago and two more cents expensive than the price on Dec. 24, 2011.

After falling for 28 consecutive days, the national average gasoline price is slowly beginning to rise, having increased for the last four days. The lowest price this year was on Dec. 22, with a national average price of $3.22 per gallon.

AAA said that rising crude oil prices, which went above $90 per barrel on Dec. 20 (though it fell to $88.61 on Dec. 24) are pushing up gasoline prices, with uncertainty around the “fiscal cliff” in the U.S. leaving the future of prices somewhat up in the air for the time being. AAA explained that the resolution of the fiscal cliff would represent a positive sign for the U.S. economy, which could send crude oil and gasoline prices higher.